diamondsclassaction.com
http://www.9news.com/money/article.aspx?storyid=84214

DeBeers is settling a class action lawsuit.
Visit the website to see if you qualify and find out how to submit your form.

If you submit your Claim Form via mail, it must be postmarked no later than May 19, 2008 and addressed to: Diamonds Claims Administrator, P.O. Box 9432, Minneapolis, Minnesota 55440–9432.

If you submit your claim via the online Claim Form at www.diamondsclassaction.com, the Claim Form must be completed and electronically submitted no later than 11:59 pm Pacific Standard Time, May 19, 2008.

Thanks for the info. I spent > $5000 on an engagement ring, so I hope to get some $$$ back.

ThinkswithFist said:Thanks too for the info. I got married in 1997, so we were definitely buying diamonds in the class period. If I read the rules right, there's a maximum of $640 per person in damages. I filed (engagement ring, wedding band, tennis bracelet) and my wife filed (wedding band for me with diamond). I'll share this info with relatives, too, who I know bought diamonds during the period.

I think you misunderstand the example. That is just an example of someone who bought a ring for $2000. His maximum claim will be 640 (32% of 2,000) - but that can be limited by the dollar amount of the total claims that are filed.

If you purchased a $7,000 engagement ring, and then later a $5,000 anniversary ring (both all diamond), you can receive UP TO $4,295 ((38.5% * 7,000) + (32% * 5,000)). Of course, that is the maximum that can be paid. If there are more claims than there is alloted money for, the share will be lowered, pro-rata.

Full details of the payment schedule is here:

Thanks OP!

miffy said:From the plaintiff's attorney's website: Summary

Good summary, but they represent the reseller's (Tiffany's, etc.). The consumers (us) are represented by four different firms:

Lieff Cabraser Heimann & Bernstein, LLP
Zelle Hofmann & Mason, LLP
Cooper & Kirkham, PC and
Korein Tillery, LLP

I'll forward this info to my stepdad. Would be nice if he could get something back and throw me a little cash like a finder's fee.

Great post. I saw something about this on the late news last night but I was only semi-awake. I'm emailing this to all the suckers like me who got married over the last 12 years!

Does anyone else think the estimated amount going to the "consumer" subclass is insanely high?

I've seen some of how the debeers side of the diamond market works, and I just dont see them paying ~$640 on a $2k valued diamong ring. Hell, they didnt even make close to $640 on that ring themselves. It's not like they pull the diamonds out of the ground and stick them in a ring. There are a ton of labor and handling steps in the chain from the mining operation until it's set in a ring, and every step along the way increases costs through labor and all the typical trappings of business.

With that said, yes I definitely believe they have monopolized the market and very much helped to keep it inflated. Such a thing happens in a lot of markets though. They don't want prices to fluctuate much because that causes strife to those buying and selling.
I mean you are talking about a rock that is mined for something around the cost of dollars per pound. But the many steps after that are what add the most cost, not to mention the entire wholesale-retail chain, several parts of which debeers has little to do with.

Same could be said about several other markets and other companies for that matter.

Another way to look at this is like a previous poster mentioned. Lets say an average of $640 for each consumer, that means ~211000 consumers would get in on the deal before the money runs dry. That means one person out of every 1000 in this country or something tiny.

All of this leaves me curious as to why they are collecting these names and addresses.

Reminds me of the visa/mastercard foreign transaction fees class action suit recently.

huh debeers is like slavery in africa.

did you watch ice road truckers? i didn't even know they were in canada too.

any diamonds ? or just wedding/engagment rings ?

Lawyers are the ONLY ones that get the benefit here. The participants in the lawsuit will not get nearly 640 each.

"Class Counsel will ask the Court for an award of attorneys’ fees in an amount no greater than 25% of the Settlement Fund."

So 25% of 300 million to the lawyers. ~$75,000,000.00